A Little Education Can Go a Long Way
Among life and health insurance agents, there is a common adage that disability insurance does not sell itself. This is true only because of a general lack of communication and education between advisor and client. Additional guidance and tutelage will tend to increase communication between you and your clientele, leading to a greater understanding of the value and need for the insurance products with which you make your livelihood.
If you are an insurance agent or general agent, you most likely employ, depending on circumstance, different versions of sales pitches to spark interest in prospective clients and other agents and brokers. You have probably honed your craft and skills for many years, and after initially speaking to a prospect, you immediately recognize the person’s acceptance to your “pitch” and the likelihood of a future sale. Considering usual lines of insurance, many products and benefits are somewhat familiar to the layman; car insurance, health insurance and homeowner’s insurance are viewed as requisites by the American public. Even life insurance is a common commodity and an easy sale to many of those with families and disposable income. But as some of you know, disability insurance is a different animal, and your usual “pitch” may not be as effective.
The biggest roadblock to a DI sale is in fact the prejudice of the client. Most of us believe we are indestructible or at least impervious to total disability. We understand that we will suffer injuries and illnesses throughout our working careers, but we can’t imagine them standing in the way of our ability to make a living. A commonality among Millennials and Generation X is a profound lack of acceptance and realization of our own morbidity. The youth of today are clearly unaware of the obvious chances of disablement.
Another hurdle for the DI salesperson is the product itself. Unlike most life insurance products, disability insurance jargon and policy structure can be quite confusing to those outside the industry and even those with a fair knowledge of the life and health insurance world. Additionally, the multitude of policy riders available and benefit options offered add to the value of the insurance, yet detract from the ease of understanding and overall salability to an average consumer.
So how do you make DI coverage attractive to your clients? You go the extra mile, you take the extra step and you spend a little time. Set aside your usual sales pitch, and you educate your client. You openly communicate to them that, as an employed person, disability income insurance is the most important product available for their financial protection and the future of their family. You inform them that their greatest asset, their income, is not properly insured and you intend to fix that problem.
Don’t let a brochure or a policy specimen do all the talking. Provide the prospect with your personal insight, and believe in what you are selling – your client will too. It is imperative to pass on your knowledge of income protection. Education is the key to understanding and appreciating disability income insurance.